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Should GM be allowed to go into bankruptcy?

By Autosaurus Published: November 25, 2008

The current state of affairs in the U. S. auto industry is causing considerable conversation not only on Wall Street and in business offices across the country, but among car collectors and automotive historians.   It's hard to imagine the fabled Big Three becoming two companies-or even one.  As businesses go, the automobile industry is a mature business.  The glory days are far behind for American automobile companies.  Reading the various commentaries about the state of things at Chrysler, Ford and GM, it's clear that Ford is in the best shape of the three-and that's not saying much.  GM may be in the worst shape.    It appears to me that an infusion of cash by the U. S. Government will not solve the long-term problems of the automobile industry.  As cruel as it may sound, the best thing for GM would be to go into bankruptcy. If it did so, it will have the opportunity to emerge as a leaner, more efficient company.  There will be plenty of pain, to be sure, both for GM and the many companies that would be affected by GM's bankruptcy.   But it's a necessary step.

What do you think?



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